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Postcolonial Finance

The Political History of ‘Risk-Versus-Reward’ Investment in Emerging Markets

Cecilia Schultz

Abstract

This article politicises the discourse of emerging markets in global finance. The black-boxed appearance of credit markets easily obscures the significant amount of subjective evaluation and cultural work that underpins capital flows. This article reveals the colonial, masculine, and racial imagination that informs the articulation of emerging markets as geographies of risk and profit. This brings into view the postcolonial nature of contemporary finance and how colonialism's regimes of power and knowledge remain crucial for the reproduction of the global political economy. To illustrate this point, the article highlights the sociality of credit practices. Contrary to their mathematical appearance, credit is a relationship with the future, mediated by social imaginations of trust. Focusing on emerging markets as ‘risk-versus-reward’ investments, this article examines the long-term colonial histories embedded in modern investment discourses. The article aims to show the continuing relevance this history plays for emerging market economies in modern financial markets and their political economies.

Open access

Fadi Amer

Abstract

This article explores Amartya Sen's understanding of freedom, and performs two central functions, one classificatory and the other substantive in nature. First, I situate his reflections within canonical understandings of liberty, finding an irreducible pluralism incorporating positive liberty in ‘capability’ alongside negative and republican liberty in ‘process’, which is subsequently unified in the notion of ‘comprehensive outcomes’. Secondly, I attempt to find a normative referent for the intrinsic value of choice, and thereby indirectly that of freedom, in his account. In contrast to the liberal subjectivity one might – I believe, mistakenly – attribute to Sen's deployment of neoclassical economic frameworks, I instead argue for a re-interpretation of his account, inspired by the sociological literature on embodiment. Here, an ‘encumbered’ subject must inherit and transcend a normative totality to become an agent in the fullest sense.

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Takamichi Sakurai

Abstract

This article methodologically explores Erich Fromm's theory of narcissism in socio-theoretical terms while referring to his theory of alienation. It thereby portrays the foundations of an analytical method of far-right politics in the context of capitalism and demonstrates that malignant narcissism touches off fascism without regard to authoritarianism. Essentially, the Freudian psychoanalytic concept of narcissism lies in Fromm's social theory. However, it is possible to discern the theoretical essence of his social theory characteristically in his conception of alienation. By focusing on this theoretical concern, I argue that in Fromm's social theory the concept of narcissism works on a socio-pathological level, particularly in the way in which it synchronises with alienation, a social phenomenon that fulfils its important functions in conjunction with the marketing orientation under the conditions of a market society, and therefore that the concept plays an overriding role in his theory of alienation. I conclude that the relevance of a Frommian critical social theory of narcissism for our society is best showcased by the concept of postfascism.

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The Ambiguity of Subversion

Resistance through Radio Broadcasting

Gisli Vogler

Abstract

This article explores subversion as a practice of resistance and draws on the example of subversive radio for illustration. Radio became an important site of power struggles in the twentieth century, often placed in the service of both resistance and oppression. An examination of subversive acts in radio broadcasting, I argue, helps shift the focus away from the myths of heroic resistance, directing attention to the uncertainties encountered by the subversive actor. To make this argument, I build on Frantz Fanon's influential work on the resistant potential of radio and engage with literature on subversion and everyday resistance. The article illustrates the ambiguity of subversion on the case study of Radio Bantu, a broadcaster of ethnic-specific radio programmes established by the South African apartheid regime.

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American Quarantine

The Right to Housing in a Pandemic

Bonnie Honig

Abstract

In the US, quarantine requires we stay home, but many do not have homes to stay in or may lose theirs due to job or wage loss. For this reason, moratoria have been put on evictions. At the same time, after the latest police killings, and during ensuing protests against racist policing in June 2020, some were arrested for curfew violations, many pulled off the streets but others out of their homes or off their stoops. A real right to housing addresses both homelessness and uncurbed police powers that round up and break in. To address current emergencies and correct larger wrongs of American life, a rent jubilee would better protect tenants than a moratorium. It could be construed as a “taking,” allowed by the 5th Amendment, compensating landlords for their properties’ being taken to serve a “public use.” Popular takings, too, are rising up on behalf of a right to housing that goes beyond rent moratoria for some and the provision of low-grade “public housing” for others.

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Babies and Boomers

Intergenerational Democracy and the Political Epidemiology of COVID-19

Toby Rollo

Abstract

The response to the COVID-19 pandemic has revealed how public health decisions in mass liberal democracies always reflect a political trade-off between protecting privileged groups and leaving more marginalized groups precariously exposed. Examining the “political epidemiology” of COVID-19, I focus on the ways that the lives and well-being of children are sacrificed to secure adult interests. I argue that in our efforts to protect older adults we have endangered children and abandoned the future of today's youth. This, I conclude, is indicative of a liberal preoccupation with adults and adult forms of agency, a defect that can only be adequately challenged by working toward more robust forms of democratic inclusion that include children and youth.

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Cecilia Schultz

Lawrence Hamilton. Amartya Sen. Cambridge: Polity Press, 2019. ISBN-13:978-1-5095-1984-2.

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Centralized or Decentralized

Which Governance Systems are Having a “Good” Pandemic?

Jennifer Gaskell and Gerry Stoker

Abstract

The COVID-19 pandemic has had devastating effects across the world, yet different countries have had varying degrees of success in their attempts to manage it. One of the reasons behind the different outcomes observed so far lies in the strengths and weaknesses of different governance arrangements leveraged to tackle the crisis. In this article we examine what we can learn about the operational capacity of different democracies through their early responses to the crisis. We provide a framework of four positive qualities of multilevel governance that might lead to greater chances of positive practical outcomes and present an illustrative case study of the experiences of Switzerland and the United Kingdom (UK). We conclude with some areas for further research and investigation.

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Milja Kurki

Abstract

As the challenges presented by the coronavirus are being processed within national communities and the international order, important new avenues for re-thinking democratic theory and practice present themselves. This short article discusses the potential implications of a shift toward planetary politics whereby we engage not only human communities but also non-human ones in our thinking and practice of democracy. New opportunities to rethink “international order” and how we negotiate with ecosystems are presented by opening up (rather than closing down) our political imaginations in the context of the coronavirus challenge.

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Marcos S. Scauso, Garrett FitzGerald, Arlene B. Tickner, Navnita Chadha Behera, Chengxin Pan, Chih-yu Shih, and Kosuke Shimizu

Abstract

Liberal democracies often include rights of participation, guarantees of protection, and policies that privilege model citizens within a bounded territory. Notwithstanding claims of universal equality for “humanity,” they achieve these goals by epistemically elevating certain traits of identity above “others,” sustaining colonial biases that continue to favor whoever is regarded more “human.” The COVID-19 pandemic has exacerbated these fault lines, unveiling once more the often-hidden prevalence of inequalities that are based on race, gender, class, ethnicity, and other axes of power and their overlaps. Decolonial theories and practices analyze these othering tendencies and inequalities while also highlighting how sites of suffering sometimes become locations of solidarity and agency, which uncover often-erased alternatives and lessons.